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Monday, October 3, 2022
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    HomeMarketBitcoin Price Stuck Below Resistance, Why Bears Could Aim More Losses

    Bitcoin Price Stuck Below Resistance, Why Bears Could Aim More Losses

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    Bitcoin began an upside correction above $19,000 towards the US Greenback. BTC is now dealing with a robust resistance close to the $19,350 and $19,500 ranges.

    • Bitcoin is making an attempt an upside correction above the $19,000 degree.
    • The worth continues to be buying and selling beneath $19,500 and the 100 hourly easy transferring common.
    • There’s a main bearish pattern line forming with resistance close to $19,420 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair should clear the pattern line and the 100 hourly SMA to proceed larger in direction of $20,500.

    Bitcoin Value Faces Hurdles

    Bitcoin value began a short-term upside correction from the $18,223 low. BTC was capable of climb above the $18,800 and $19,000 ranges. It even cleared the $19,350 resistance zone.

    Nevertheless, the value confronted a robust resistance close to the $19,650 degree and the 100 hourly simple moving average. A excessive was fashioned close to $19,678 and the value began a recent decline. There was a transfer beneath the $19,500 and $19,400 ranges.

    Bitcoin value traded beneath the 50% Fib retracement degree of the upward transfer from the $18,223 swing low to $19,678 excessive. The bulls at the moment are defending the $18,800 help zone.

    The 61.8% Fib retracement degree of the upward transfer from the $18,223 swing low to $19,678 excessive is performing as a help. On the upside, an instantaneous resistance is close to the $19,200 degree. The following main resistance sits close to the $19,350 degree.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    There may be additionally a significant bearish pattern line forming with resistance close to $19,420 on the hourly chart of the BTC/USD pair. A transparent transfer above the pattern line, the 100 hourly easy transferring common, and $19,500 might open the doorways for a transfer in direction of the $20,000 degree. Any extra beneficial properties would possibly ship the value in direction of the $20,500 resistance zone.

    Contemporary Decline in BTC?

    If bitcoin fails to proceed larger above the $19,350 resistance zone, it might begin a recent decline. A direct help on the draw back is close to the $18,800 zone.

    The following main help is close to the $18,550 degree. A transparent transfer beneath the $18,550 zone might set the tempo for a bigger decline. Within the acknowledged case, the value might even decline beneath the $18,223 swing low.

    Technical indicators:

    Hourly MACD – The MACD is now dropping tempo within the bullish zone.

    Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now close to the 50 degree.

    Main Help Ranges – $18,800, adopted by $18,550.

    Main Resistance Ranges – $19,200, $19,350 and $19,500.



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